Petroleum industry lawyer, Nigel Hughes has flayed the incumbent David Granger-led administration for not putting much needed legislation and regulations in place to govern Guyana’s oil and gas sector ahead of production and exportation.
He was Tuesday night addressing a symposium organised by Youth and Oil Association under the theme “Empowering our future, developing our resources, and strengthening Policies”.
Mr. Hughes says a lot of time has been wasted by Guyanese politicians haggling over reasons such as the no-confidence motion or the opposition’s boycott of the National Assembly as reasons for not passing laws and regulations for the oil sector…
“I know it’s controversial but I’m going to say it. We have lost the last year in this country by not passing a single Act of Parliament or a single regulation to address and support the most economic asset we have, which will be providing for us for the next thirty years,” said Hughes whose law firm, Hughes, Fields and Stoby, has extended its operations to Houston, Texas.
He noted that Guyana has started oil production without a Petroleum Commission or regulations that govern how the oil is exploited and the required production regime. “We have started to produce oil, we celebrated that fact and we have no laws in place,” he added.
The Natural Resource/ Sovereign Wealth Fund Act has been passed but the required committees have not been established because the opposition and the Private Sector Commission have not named their nominees.